Binance Executes 11th LUNC Burn, Eliminating 2.65 Billion Tokens

Updated: 02 July 2023

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Binance continues its relentless commitment to token management with the 11th LUNC Burn, erasing 2.65 billion tokens.

The burn demonstrates Binance’s pledge to maintain a balanced token ecosystem, foster scarcity, and potentially drive increased value for token holders. Binance continues to be a market leader thanks to this strategic move.

Is Binance’s 2.65 Billion Terra Classic Token Burn a Game-Changer?

Terra Classic’s burn mechanism destroys tokens every time a transaction happens.

Binance, the biggest cryptocurrency exchange in the world, recently burned 2.65 billion Terra Classic (LUNC) tokens.

Binance has now burned 35.5 billion LUNC tokens, and the community has burned 68 billion. In response to the burn, LUNC’s price increased by 3%.

To reduce the overall supply of LUNC tokens, Binance transferred 2.65 billion LUNC tokens to the burn address on July 1st. The transaction also included 13.25 million LUNC in fees.

Luna Classic burns tokens whenever a transaction happens on the network. Burning tokens is proportional to the number of tokens in circulation. Over time, the token’s value increases as the supply steadily decreases.

We thank you @binance for the 2.65B #LUNC burn! 👍

We appreciate your support to help us burn our hyperinflated supply! 🔥

I voted YES to prop #11582, to burn the funds the community wrongly re-minted. 💯

Hopefully we can come to an agreement in our community to do the right… pic.twitter.com/c9YWEj3oKt

— JESUSisLORD (@ForTheCross_CH) July 2, 2023

Coingape says Binance burned 1.04 billion LUNC tokens in June. Even though Binance decreased its contribution from LUNC spot and margin trading fees from 100% to 50%, the community is thankful for the support given by the cryptocurrency exchange and its CEO, Changpeng Zhao “CZ.”

The buyback is part of Binance’s buyback program. As part of the program, Binance supports the LUNC community and helping the cryptocurrency’s price rise. Tokens that were burned will be taken out of circulation forever.

LUNC Token Burn Surges: Community Initiatives Propel Supply Reduction

LUNC’s burn rate has improved over the past 2 months, thanks to projects like DFLunc, TerraCasino, and Cremation Coin. Each week, these projects burn millions of LUNC tokens, totaling 68 billion LUNC tokens burned by the community.

The community is now focusing on reducing the supply of LUNC and USTC tokens in the third quarter after completing a major upgrade last month. Moreover, the Joint L1 Task Force and Quant team will work together on the USTC repeat.

The price of Terra Classic struggled to surpass $0.0001 in June, falling below the support level of $0.000090. Despite Binance’s burn, LUNC’s price continues to fall and shows a sustained downward trend.

It’s currently trading at $0.000087 as per Coinmarketcap data, which shows LUNC has risen 3% over the last 24 hours. During the past 24 hours, we’ve recorded prices as low as $0.0000820 and as high as $0.0000889. Despite that, trading volume has dropped.

At the moment, traders aren’t actively buying or selling LUNC. Depending on future activity, the price may rise or fall.

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